Help with Knitty's Talia please!

I frogged a LOT of work on this piece back in October. Actually I frogged the whole thing up to the last waist decrease because I messed it up. I just now got the nerve to start it over and I’m almost at the first decrease. I need help to be sure I don’t muck it up again!
So this is my rough spot:

[I][I]First Waist Decrease Row[/I] [RS]: K8, work 12 sts in pattern, place marker, k11[6,[B] 11[/B], 0, 6, 16, 4], [k2tog, k2(3, [B]3,[/B] 4, 4, 3, 4)] 22[24, [B]26[/B], 28, 30, 38, 39] times, k9[2, [B]7[/B], 0, 2, 12, 0], place marker, work 12 sts in pattern, k8. 126[144, [B]162,[/B] 180, 198, 220, 239] sts.[/I]

I’m making a medium, so I bolded the numbers I’ll be using. Here’s my question - what is repeated? All the brackets and parentheses are confusing me.

K8-work 12 in pattern-K11[B]-{K2tog, K3 26 times}-[/B]K7-work 12 in patt-K8

Is that correct?

ETA: link to whole pattern:

I think you’ve got it right. The (K2tog, K3) is what you repeat 26 times. You must start with 188 stitches, because you end up with 162 after subtracting those 26 decreases.